Sensex drops 765 pts, Nifty ends below 24,400; Bharti Airtel slumps 3.4%

Headline equity benchmarks ended sharply lower today as traders stayed cautious following President Donald Trump's tariff hike announcement. On August 6, Trump raised US tariffs on Indian goods from 25% to 50%, blaming New Delhi's continued purchase of Russian oil. India fired back, calling the move unfair and unjustified. This escalating trade tension sent market sentiment into risk-off mode, with investors turning more defensive. Adding to the gloom were persistent foreign investor outflows and muted Q1 earnings, which further weighed on sentiment. The Nifty slipped below the 24,400 mark, with realty, consumer durables, and metals shares leading the sell-off.

The S&P BSE Sensex took a hit, dropping 765.47 points, or 0.95%, to close at 79,857.79. The Nifty 50 followed suit, slipping 232.85 points, also 0.95%, to finish at 24,363.30.

Heavyweights Bharti Airtel (down 3.41%), Reliance Industries (down 1.65%), and HDFC Bank (down 1.12%) weighed on the Nifty, pulling it lower through the session.

The broader market lagged even further behind the frontline indices. The S&P BSE Mid-Cap index dropped 1.56%, while the Small-Cap index was not spared either, tumbling 1.03%.

Market breadth painted a cautious picture, with 2,506 stocks falling against 1,523 advancing on the BSE, and 144 stocks holding steady.

Meanwhile, the NSE's India VIX, a barometer of expected near-term volatility, jumped 2.95% to settle at 12.03, signaling rising nervousness among investors.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.19% to 6.378 from the previous close of 6.390.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.7100 compared with its close of 87.5800 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement rose 0.28% to Rs 1,01,736.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 98.150

The United States 10-year bond yield shed 0.16% to 4.249.

In the commodities market, Brent crude for Oct 2025 settlement gained 38 cents or 0.57% to $66.81 a barrel.

Global Markets:

Most European indices traded higher on Friday as investors reacted to U.S. President Donald Trump's nomination for an open seat on the Federal Reserve's governing board.

Asian indices ended mixed. Japan's Topix index rose for the fourth consecutive session Friday and hit a record high of 3,031.78.

Investors will continue to monitor how the reciprocal tariffs levied by President Trump will impact the affected countries and the global economy in general.

On Wall Street, the 30-stock Dow closed down about 224 points, or 0.5%, while the S&P 500 ended the session off 0.08% on Thursday. However, the Nasdaq Composite managed to outperform and added nearly 0.4%.

On Thursday afternoon, the President announced that he has selected Stephen Miran, chair of the Council of Economic Advisors, as his pick to replace Adriana Kugler on the Federal Reserve Board of Governors. Miran will serve out the rest of Kugler's term, which expires in January, following her resignation last Friday.

Stocks in Spotlight:

Bharti Airtel slipped 3.41%, following heavy block deal activity in early trade. Although the counterparties remain undisclosed, media reports indicate that promoter entity Indian Continent Investment likely sold a 1.2% stake through a block deal. The transaction is believed to have been struck at a floor price of Rs 1,862 per share, about 3.24% below Thursday's closing price of Rs 1,924.35 on the BSE.

Titan Company advanced 1.33% after the company reported a 52.5% jump in consolidated net profit to Rs 1,091 crore on a 20.4% rise in operating revenue to Rs 14,673 crore in Q1 FY26 as compared with Q1 FY25.

State Bank of India (SBI) shed 0.09%. The bank reported a consolidated net profit of Rs 19,160 crore for Q1 FY26, up 12.48% from Q1 FY25 and 2.78% higher sequentially. Net interest income came in at Rs 41,072 crore, marginally lower by 0.13% YoY and down 3.98% QoQ.

General Insurance Corporation of India rose 3.94% after the reinsurer posted a strong improvement in quarterly earnings for the period ended 30 June 2025. Consolidated net profit surged 80.67% year-on-year to Rs 2,530.59 crore, aided by higher investment income and a sharp reduction in underwriting losses. Profit before tax jumped 78.75% to Rs 2,663.67 crore, while net investment income grew 20.10% to Rs 3,349.37 crore.

Data Patterns (India) tumbled 5.51% after the company's standalone net profit fell 22.23% to Rs 25.50 crore in Q1 FY26, compared to Rs 32.79 crore posted in Q1 FY25. Revenue from operations declined 4.56% year-on-year (YoY) to Rs 99.33 crore in the quarter ended 30 June 2025.

BSE fell 2.17 %. The company has reported a 104% increase in consolidated net profit to Rs 538 crore on a 59% rise in revenue from operations to Rs 958 crore in Q1 FY26 as compared with Q1 FY25.

KRBL surged 15.12% after the company's consolidated net profit jumped 74% to Rs 150.58 crore on a 32.1% increase in net sales to Rs 1,584.35 crore in Q1 June 2025 over Q1 June 2024.

Life Insurance Corporation of India surged 3.06% after the company reported a 5.02% jump in standalone net profit to Rs 10,986.51 crore on 5.66% rise in total income to Rs 2,22,863.61 crore in Q1 FY26 over Q1 FY25.

Kalyan Jewellers India tanked 10.68%. The company's consolidated net profit surged 48.55% to Rs 264.08 crore in Q1 FY26, supported by a 31.48% increase in revenue from operations to Rs 7,268.5 crore compared to the same period last year.

India Shelter Finance Corporation rallied 7.39% after the company's consolidated net profit climbed 43.01% to Rs 119.44 crore on 43.6% increase in revenue from operations to Rs 361.21 crore in Q1 FY26 over Q1 FY25.

Apollo Tyres slipped 1.35% after the company reported a 95.73% drop in consolidated net profit to Rs 12.88 crore in Q1 FY26 as against Rs 302 crore posted in Q1 FY25. However, revenue from operations grew by 3.56% YoY to Rs 6,560.76 crore in the quarter ended 30 June 2025.

IPO Update:

All Time Plastics' IPO received bids for 1,05,16,014 shares as against 1,05,46,297 shares on offer, according to stock exchange data at 16:38 IST on Friday (8 August 2025). The issue was subscribed 1 times.

JSW Cement's IPO received bids for 9,98,15,160 shares as against 18,12,94,964 shares on offer, according to stock exchange data at 16:38 IST on Friday (8 August 2025). The issue was subscribed 0.55 times.

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